T. Rowe Price Brokerage is a division of T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are
carried by Pershing LLC, a BNY Mellon company, member NYSE/FINRA/SIPC.
by US Navy Vet,
Cons: Unprofessional. Unorganized, No Service, rude
Mom died. Her account is in the name of the trust. I am the legal Trustee. TRP told me what to send them. New account form, transfer doc, original death cert, re-notarized cert of trust,medallion signature. Now they call me and want me to revise docs and resubmit. The legal department states that my certifications of trust is non applicable. They want me to recreate a non revocable trust of someone who has already passed? They also sited other parts of the trust they need that they already have. Who are these people? My estate planner has stated that in all his years of doing this he has never seen anything like this. Nothing they are now asking for makes any sense. I have provided less to other brokerages and everything went like clockwork. TRP is going out of their way to make all of this difficult and impossible. You should be ashamed.
by Cee Bee,
Cons: T. Rowe Price Lacks Attention To Detail
T. Rowe Price Lacks Attention To Detail... the first time I set up 2 grandchildren UGMA_UTMA accounts...key here is "children"...T. Rowe Price set up a JOINT account as though the children were married. I mailed a letter to T. Rowe Price to have the joint account separated as 2 individual children...ugh... UGMA_UTMA account addresses are a pain to get corrected in their system. After mailing a letter and using T. Rowe Price's secured email to correct all UGMA_UTMA addresses, one of the UGMA_UTMA accounts STILL has rejected address status. T. Rowe Price does not read or respond to their secured email...back to calling AGAIN repeating everything said in mailed letter and secured email.
Cons: THEY DON'T ADVISE PROPERLY AND WILL NOT RESOLVE MISTAKES THAT THEY MAKE.
I contacted T. Rowe Price to withdraw from my 401k account to purchase a home. I took out a "hardship" withdrawal from my account and was asked if I wanted federal and state taxes taken out of the withdrawal PRIOR to me receiving the funds and I approved. I thought that the amount was based on my exemptions, so I gave them "1" for my exemptions. The form that was mailed to me did not account for that, so a person from TRowe Price called me to ask me about what I put on the form. She said that it didn't work that way and I would need to tell them how much tax to take out. I asked them what the proper amount of tax was and she said that it used to be 20% but now it's just 10% for federal and about 3% of the federal for the state tax. I asked her specifically, IS THIS ALL THE TAX THAT IS OWED BASED ON THE AMOUNT TAKEN OUT, and she assured me that it was the proper amount. Well, when it came time to do my taxes, my tax accountant told me that THEY DID NOT TAKE OUT THE PROPER AMOUNT OF TAXES AND IN FACT, THEY DIDN'T TAKE OUT ANY TAXES, THEY ONLY TOOK A "PENALTY TAX" which is assessed when withdrawing money before my 59th birthday. As the financial advisor, TRPrice DID KNOW OR SHOULD HAVE KNOWN that the amount taken out for taxes did not satisfy the amount of tax due. They HAD A DUTY to advise me to contact a tax professional to ask about the proper amount of tax to take out for ME. As a result of their breach of their DUTY, I am now owing the IRS over $5,000 for federal taxes and over $2200 for state taxes. Prior to this withdrawal, I had a refund from federal taxes of $1700 and a small amount for state. So, in essence, TRPrice cost me over $10,000. They breached their duty to properly advise me.
by "lost" multiple funds transfer requests,
Pros: not broker, IRA release process
Cons: not broker, IRA release process
They literally lost three separate electronic transfer requests, which meant that it took nearly three weeks to release MY money... utterly clueless. Didn't even acknowledge that they had made the test bank transfer request when they were COMPLETE (to prove ownership of my bank account). They simple refused to comply, even with the bank statements in hand. Will never work with them again.
Pros: The worst brokerage house in the country!
Cons: The worst brokerage house in t he country!
They are inept. They have no knowledge. They must be fifteen. They do everything not to release my money from my 401K. I am searching for an outside firm. I totally hate working with them. Tonight they kept me on hold for 30 minutes. I think they thought I was going to hang up. I will be calling management in the morning.
Cons: Incompetent and exhausting to work with
They are unable to preform the most simple tasks and transactions. It took over 7 phone calls to have a retirement rollover check cut and it was done wrong. I called to have the check re-cut and I was told they would call me back when they solved the problem. They never called back. They are exhausting to work with. Avoid working with them at all costs.
by John Rams,
Pros: Seem to have ulterior motives...
Cons: Holding a handicapped man's minor amount of money from him: Most recent letter sent to T Rowe Price
I am POA for my handicapped brother J... R..... He has requested four times for you to send him his account balance ($1500) or face an annual statement charge. You are holding his money hostage like other credit unions have tried to do. Either forgoe the charge or send him his money. Last request.
I have sent you my poa docs at least twice, and it was affirmed with your rep on the phone, yet you, now, claim otherwise. I will write reviews of your treatment of a protected class person and turn in complaints regarding any charges you impose on his account. He refuses your annual charge. No one has time for your nonsense and hoop jumping for $1500. He is on foot and does not have an area bank with a signature guarantee (no accounts at banks with this service)and I have been left to handle this situation for him over and over. I am sick of your abuse and am going to make my voice heard over my lost time trying to help my brother retrieve his money in lieu of your threatened imposed charge to a handicapped person. Your company is the fraud-your letter is very offensive.
by Gary Clark,
Cons: Can't get current account information on day of transactions
I have never seen anything like it. Even though everything is computerized (presumably), I can't get current account information on the day of. I have to wait until the next day. I guess they have accountants in green eye shades working in the back room overnight, totaling up all of the transactions that day. I am with this crummy outfit only because my employer chose to transfer all retire accounts to it. However, it took TRP more than 30 days to make the transfer from the old brokerage, during which time no trades could be made. That is the only thing keeping me here, the threat that TRP will tie up my accounts for more than another month when I try to transfer them to Fidelity. I fail to see why anyone would have their investment accounts with this slipshod outfit.
Both my parents died last year and after 42 pages of forms and 12 phone calls
finally released their 401K money to Fidelity.
During tax preparation this year my accountant noted an obvious error.
On my 5th phone call with an agent they are still checking my ID every time
but have totally stonewalled on the problem. They appear to stall until you are tired of dealing with them and leave your money with them. Take your money and run.
by George Elliott,
Cons: Right hand knows NOT what the left is doing
Got in this trap because my job was bought out by another company. They chose TROWE for the 401K. Now I am retired and trade stock weekly. I have a Fidelity and Scottrade account also. The TROWE money has been in a fund for two years so I haven't dealt with the web site much. Now they tell me the web site is new and improved to make my life easier. It's by far the worst site I have encountered. After fighting the site for the first four months of this year I decided to move the money to Scott. Filled out the paperwork with Scott two weeks ago and no transfer. Scott said they applied for the money three times and was turned down. Called TROWE and they first sent me forms transfer money to them (HA HA) now they can't find the problem and will call me later. I'd bury my money in the yard before I'd use them if I ever get away from them.
by Fred in Florida,
Cons: They will not honor Power of Attorney or Trust that my parents wrote in preparation for a time like this
Mother died in fall of 2015 and had not taken her RMD. TRP locked the account and will not allow us to access it. Dad is an incapacitated person. In the state of Florida notaries are only allowed to say a document is a true and correct copy. TRP wants the notary to say dad is alive and that the POA has not been revoked. By law, the notary can't say that. So we face a huge penalty from the IRS and TRP will not let us have access to money that legally belongs to my father. They are no help whatsoever. This issue just keeps going round and round. This is the worst financial institution I have ever dealt with, by far.
Pros: Ability to update options at any time.
Cons: Constant online access lockouts, No online process for regaining access, Issues with Quicken, Extremely inconvenient website
The website is pitiful.
I constantly get locked out due to the online website being incompatible with Quicken software after a recent password change on my account. Prior to the change, Quicken did not appear to have any issues connecting online. Then I find out that I am locked out due to multiple invalid login attempts, even though I had no issue connecting to the online website interface using my username and newly changed password.
To make matters worse, there is no online password reset or unlock process built into the website. And, there is also no email or online messaging either. The only way to fix it is having to call customer service, and then have them do it. This is extremely inconvenient, considering for at least 90% of the day I am not at a place where I can make phone calls.
by Kristine Dykema,
Pros: ABSOLUTELY NONE!
Cons: WORST CUSTOMER SERVICE EVER
If I could award zero stars, I certainly would.Tried on 1/25 to have funds transferred to my bank on their website. Due to strange security questions, was advised I would have to do transaction over phone. After waiting FOREVER to speak to a human, was told they could not process a funds transfer to my bank, but for an additional $25.00 charge I could have the check sent Fed X. I opted for this, but no check on 1/26 or 1/27.Called on 1/28 and was advised that due to weather, Fed X did not pick up on schedule, but that it was picked up on the 28th, and I should receive on the 29th. No check on 29th, called again (each time waiting forever to get a human). I asked for the tracking number and was told they would have to call back. Check never went Fed X....was mailed regular mail on 1/27, and I should receive by 2/1. 2/1 no check...called and after being put on hold several times (call was over 40 minutes long) was told that I should not expect to receive it from US mail for 7-10 business days. Not only did they screw up...they gave wrong info every time I called. They advised they would be good enough to refund the $25.00 they charged for Fed X that never happened. I have accounts with Fidelity and Edward Jones, and transactions like this are done with one short phone call. If you are thinking of investing with these people, do not expect ANY customer service at all. I would strongly recommend doing business with Fidelity or Edward Jones instead...who both offer excellent service.
Cons: Turned my account over to State of Illinois with no notice
Fighting with state to get my money back. Have lived in Illinois for a long time with no problems on any of my other accounts that I haven't touched for more than 2 years. T. Rowe Price seemed intent on turning my account over.
Pros: Tied to many Corporate Retirement Programs
Cons: Horrible Customer Service - Hidden Fees
From the phone interface to the human interface this is a company which represents the worst of what we hate about big investment companies. Hidden fees, unfriendly customer service, huge initial investments. My retirement account has been held with T Rowe for over 5 years because they were the company associated with my former employer. I went to open another trading account with them online. This can only be done by making another $2,500 investment, so I linked my bank account to fund it. I entered my account number and transposed one number so they cancelled my trade. I was working on getting things straightened out with my bank until one week later they send me a bill for $88 because they lost money on the trade that they had told me was cancelled because of my mistake! I asked them 3 times to remove the fee and they would not. Instead they locked all of my accounts until I pay the fee. I went on the website to find the forms to transfer my account to another company and you cannot find the forms. They are completely hidden, plenty of links to transfer money in but none to get you out. This is not a customer friendly company.
In contrast, I opened my new account at Schwab - "0" initial investment, easy to understand website, super friendly people, the phone interface is easy to use as well.. Why on earth anyone would choose T. Rowe Price over Schwab is a mystery to me.
by Ben Bart,
Cons: Incompetent adminstratively
Very bad experience with this firm. We've had stock for years and while investment results are not great, but OK there handling of our account is unbelievable. They turned the account over to the Stater of Illinois without my consent or by making a reasonable effort to reach me. They called on October 9th, 2015 and the tone of the call seemed questionable so I asked them to mail me the information. I hung up on them thinking it was probably a scam. The very fact that I talked to them would indicate that I was alive and should satisfy the requirements of the law.
I then received a letter indicating my account balance was 0. My first thought was "could I be a victim of identity theft?" So I called them and was told it was turned over to the state. At minimum, I would expect them to send a certified letter indicating that unless I responded, by law they have to turn it over to the state. No such letter.
I guess my business wasn't worth the cost of a certified letter.
Now I have to jump through hoops with the state of Illinois to get my stock back.
Thanks T. Rowe Price
UPDATE 1/5/16: The state of Illinois claims they don't have the stock.
T RowePrice claims they don't have the stock.
Nice dilemma T.RowePrice created. Spare yourself the grief and go with another firm.
Cons: Slow to non-existent service; worst website I have ever used
My firm placed our retirement accounts there, so I had no choice. I have my personal funds with Fidelity. There is no comparison. Fidelity's service and website are fantastic. TRP totally sucks -- bad website, bad service. For example, if you try to make a trade, half the time it won't even accept your order, and even if it does accept your order, it won't show order status, or when if the order is executed, it won't update your holdings on the same day as the transaction -- you have to wait until the next day to view your post-trade holdings. I guess they have a bunch of scriveners with green eyeshades in some backroom somewhere, manually adjusting your accounts overnight. Cannot wait to get away from these incompetents.
by Denise Scialllo,
Pros: Great customer service from phone
Jennifer Hunziker is the financial consultant who helped me get started. She was awesome and helped me greatly with my financial needs. No issues
by Glenn Charles,
Pros: Easy to Get Money Out
My wife had an employer-sponsored account. Either no advice was offered or it was mediocre to poor; I believe it was the latter because she did present ideas that couldn't have been hers. Some were totally valid, such as long-term investing. On the whole little information seemed to be offered about any particular investment so that someone unused to doing research would be baffled and would buy (say) a suggested Vanguard fund, and said funds vary evidently from excellent to poor. I never heard her mention BRK.B for instance. I use (some) different brokerage; I don't think it would be appropriate to say which.
by John W-Florida,
Pros: Some have experience
Cons: Too slow to enter your orders and listen
Two problems in 1 1/2 months. Sell order in for stock, approved by management, computers froze @ TRP cost us $32k. Management said too bad, said they would give us 3 free trades, big deal, didn't even honor that, only gave us 2 free trades.
Second issue; called in a sell order @ a specific price on 12400 shares. Rep didn't listen even though I said specific price no less than 3 times. Asked me if it was a limit or market, I said with 12400 it won't all sell at limit. She executed all sahres at the market price at the time, not my sell price. Upper management said they will retrain employees, didn't care about our $37.7k loss.
I have accounts @ WF Advisors and Fidelity, no problems with either of them... STAY AWAY FROM THESE A-HOLES!
Cons: Would not accept automatic deposits based on outmoded security system
I am a new client of T. Rowe Price.
I deposited my Traditional IRA with T. Rowe Price, it was a new account.
My experience with T. Rowe Price is a nightmare!
I requested to have my bank automatically deposit funds to my IRA.
Prior to creating my bank account, an automated phone asked three
security questions for their security. Why?. All my information
was placed on my T. Rowe Price application. Consequently, I was
denied automatic deposits on my account,since one answer was
answered incorrectly. The questions related to residences and
former employers. The information they asked was over thirty years old!
Poor Customer Service! All other brokerages ask for a security question
to apply to the account, only the client creates and is aware of!
What is the problem with T. Rowe price and security
My account will be transferred to another brokerage
which helps and appreciates their new accounts!.
T. Rowe Price would rather lose a new account rather than
follow the wishes of their clients. Choose another Brokerage!
Pros: very pleased with trowe
I have been dealing with troweprice for 20 yrs. I have had great service . I have seen these negative comments. I have not had any issues, maybe their rep. was a little bit to conservative on recommending investments. That would be my only negative. If you have less than 25k I'm sure they pull out a service fee,but all do.
Cons: Bad customer PR
I had opened an acct with co. last yr to test if I wanted to bring more money in.They didn't tell me I needed to choose paperless stmts and at year end charged an Acct. Service Fee. When I called they said it was for their sweat and ink to send me the stmt. They charged $20/fund if under $10,000 which mine were. A little steep I think since the information was all on one sheet of paper. The customer service rep said he was helpless in reversing that fee since it was back in Sept. What company can't go back retro to keep a customer happy and retain their business? My husband said he didn't want to deal with a company that didn't put customer service first he was also transferring his account. So Scottrade and Fidelity companies will be the happy recipients of our money. So future investors to T Rowe Price beware of hidden account service fees before opening an acct.
Cons: Some of the terms was not too clear
Some of the terms and nomenclature was not too clear. It appears that there is an assumption that non-technical customers understand everything the same as those who work at T.Rowe Price. Its getting more frustrating to use their web site every time I want to access my account.